Transactions & Financings: Ziegler Takes Lead on Locust Point Fund, NHI’s $300M Loan

Ziegler Is Anchor Investor In Locust Point Private Credit Fund

Ziegler announced it was an anchor investor in Locust Point Capital’s debut private fund, which closed earlier this month oversubscribed at $312 million.

Ziegler and Locust Point have a relationship dating back to the mid-1990s, Managing Director and co-head of Ziegler’s Proprietary Senior Living Practice Don Husi told Senior Housing News.

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“Working with a team of people who understand senior living, its risks and partnering with a group like that as we lend across the capital stack makes incredible sense,” Husi said.

Regions Bank Closes On $65 Million In Acquisition Financing

Regions Bank Healthcare Real Estate Group Completed two separate acquisition financing packages totaling $65.1 million. In the first deal, Regions arranged $47.5 million for the acquisition of four senior living campuses, totaling over 400 beds, in Michigan, Ohio and Kentucky. The borrower/operator is a large Midwestern company.

In the second deal, Regions closed on a five-year, $17.6 million loan for the acquisition of 100-unit assisted living and memory care community in northeast Ohio. The new owner is a Midwest-based owner/operator of senior living communities, and a Midwest-based private equity firm.

NHI Announces $300 Million Loan

National Health Investors (NHI) announced it secured a $300 million loan with a five-year maturity. The loan’s proceeds will be used to reduce the outstanding balance on a $550 million revolving credit facility the Murfreesboro, Tennessee-based real estate investment trust (REIT) secured to increase its investment portfolio.

Bank of America acted as the administrative agent, with Bank of America, KeyBank National Association and Regions Bank as syndication agents. Bank of Montreal, Capital One, Goldman Sachs and JP Morgan Chase acted as documentation agents and arranged a syndicate of nine banks, including Pinnacle National Bank.

CBRE Secures $28 Million Financing Package For Suburban Chicago Memory Care Facility

CBRE National Senior Housing Vice Chairman Aron Will secured acquisition financing on behalf of a joint venture between Virtus Real Estate Capital and Pathway to Living for Grandbrier of Prospect Heights, a Class-A, 101-unit assisted living and memory care community in Prospect Heights, Illinois.

Will secured a $28.13 million, five-year, non-recourse loan with 36 months of interest only from a regional bank. Previously, CBRE also arranged the original development financing for a three-party joint venture that included Pathway, a local developer and an institutional equity partner.

CBRE Secures Acquisition Financing For Louisville, Indianapolis Senior Living Facilities

CBRE National Senior Housing Vice Chairman Aron Will secured acquisition financing on behalf of a joint venture between LCS Real Estate and TH Real Estate for a portfolio of four senior living communities in the Louisville, Kentucky and Indianapolis MSAs.

The portfolio, the Magnolia Springs 4-Pack, totals 360 units, a mix of 278 assisted living and 82 memory care units, which LCS has third-party managed since 2015. The transaction is one of the first large scale investments in a programmatic $300 million venture. CBRE Capital Advisors, in conjunction with the firm’s national senior housing team, was the exclusive financial advisor for the capital raise.

Knapp Group Brokers Sale of Michigan Senior Community

Knapp Group Seniors Housing Advisors of Marcus & Millichap successfully brokered the sale of a 56-unit assisted living-independent living community in Traverse City, Michigan. The closing price was $8.165 million.

The 42,564 square foot facility was built in 1989, with additions completed in 1997 and 2001. The seller decided it was time to take full advantage of the favorable market and retire from the seniors housing business. The buyer was a local owner/ operator with several assisted living communities in northern Michigan. Jim Knapp and Justin Knapp were the lead advisors on the transaction.

Written by Chuck Sudo

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